Using the Journal, you can book expenses, deduct the TDS and pay the amount to the party for their services.
To book TDS expenses,
Go to Gateway of Tally> Accounting Vouchers> Journal Vouchers
| 1. | Debit the ledger Rent grouped under Indirect Expenses from the List of Ledger Accounts and enter the amount |
| 2. | Select Smart Enterprises from the list and the amount to be credited appears in the Credit column |
In the Bill-wise Details for screen:
| 3. | Select New Ref as the Type of Ref |
| 4. | Select the TDS ledger from the List of TDS Ledgers and the Amount appears automatically |
| 5. | Enter a Narration if required and Accept to save the journal |
Note: Booking the TDS Expense can be done using the Purchase voucher available in Tally.
Deduction of TDS using Journal voucher with
You can create a Journal using the TDS Deduction button, to record all the TDS deductions for parties who provide services. The List of Ledger Accounts displays only those ledger accounts which are enabled for TDS and transaction passed where deduction of due.
Go to Gateway of Tally> Accounting Vouchers> F7: Journal
| 1. | Click the TDS Deduction Button or press ALT+S. You will get a list of TDS Ledgers for the party selected |
| 2. | Select the TDS Party Ledger from the list |
| 3. | In the TDS Details for screen, select the TDS Ledger from the list (TDS on Rent). The system calculates the Net TDS to Deduct amount |
| 4. | Select the TDS Applicable Bills from the list |
| 5. | Accepting the TDS details sub form will post the Net TDS to Deduct amount in the Debit column of the Journal Voucher screen |
| 6. | Press the Enter key to credit the Tax Ledger (TDS on Rent). You may enter the New Reference number for identification and accept the screen to save the Journal Voucher |
